Basis: Latest reported fiscal quarter. Source: stored company filings and market data; unavailable inputs remain N/A.
Is the FCF payout ratio high or low?
The FCF payout ratio of 38.46% is 11% above its 5-year average of 34.63%, around the middle of its 5-year range (24.02%–47.07%).
As of the fiscal period ended Friday, July 31, 2026. 7.61% above its 12-month average of 35.74%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
38.46%
FCF PAYOUT RATIO AVG TTM
35.74%
FCF PAYOUT RATIO AVG 3Y
35.56%
FCF PAYOUT RATIO AVG 5Y
34.63%
FCF PAYOUT RATIO AVG 10Y
31.81%
FCF PAYOUT RATIO AVG 15Y
28.83%
FCF PAYOUT RATIO AVG 20Y
30.53%
CURRENT VS TTM AVG
+7.61%
CURRENT VS 3Y AVG
+8.16%
CURRENT VS 5Y AVG
+11.07%
CURRENT VS 10Y AVG
+20.89%
CURRENT VS 15Y AVG
+33.38%
CURRENT VS 20Y AVG
+25.96%
FCF Payout Ratio TTM
38.5%
Earnings Payout Ratio
41.0%
Dividend Yield
2.37%
FCF Yield
6.11%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2026 | $7.65B | $2.64B | 34.5% |
| 2025 | $7.70B | $2.57B | 33.3% |
| 2024 | $6.18B | $2.53B | 41.0% |
| 2023 | $6.76B | $2.37B | 35.1% |
| 2022 | $8.26B | $1.98B | 24.0% |
| 2021 | $9.26B | $1.70B | 18.4% |
| 2020 | $2.81B | $1.62B | 57.5% |
| 2019 | $5.02B | $1.46B | 29.0% |
| 2018 | $3.94B | $1.29B | 32.7% |
| 2017 | $4.45B | $1.12B | 25.2% |
| 2016 | $3.59B | $957.00M | 26.7% |
| 2015 | $4.05B | $822.00M | 20.3% |
| 2014 | $3.17B | $733.00M | 23.1% |
| 2013 | $2.55B | $704.00M | 27.6% |
| 2012 | $2.52B | $647.00M | 25.7% |
| 2011 | $2.52B | $571.00M | 22.6% |
| 2010 | $2.25B | $391.00M | 17.3% |
| 2009 | $856.00M | $491.00M | 57.4% |
| 2008 | $337.00M | $428.00M | 127.0% |
| 2007 | $586.00M | $276.00M | 47.1% |
| 2006 | $463.00M | $171.00M | 36.9% |
| 2005 | $134.00M | $116.00M | 86.6% |
| 2004 | $709.00M | $86.00M | 12.1% |
| 2003 | $334.00M | $66.00M | 19.8% |
| 2002 | ($586.06M) | $60.00M | N/A (Loss) |
| 2001 | ($1.20B) | $53.48M | N/A (Loss) |
| 2000 | ($301.46M) | $47.56M | N/A (Loss) |
| 1999 | ($336.46M) | $50.76M | N/A (Loss) |
| 1998 | ($135.27M) | $28.65M | N/A (Loss) |
| 1997 | ($134.20M) | $34.70M | N/A (Loss) |
Formula: FCF Payout Ratio TTM = trailing 4Q dividends paid / trailing 4Q free cash flow × 100
FCF payout and earnings payout:
Reading the series: Use the chart and table to compare dividend payments with cash generation over time.
FCF Payout Ratio measures trailing dividends paid as a percentage of trailing free cash flow. Unlike earnings-based payout, it compares dividends with cash generated after capital expenditures.
Expanded definitions: Investopedia, Wikipedia, Corporate Finance Institute
| DATE | FCF PAYOUT RATIO |
|---|---|
| 2026-07-31 | 38.46% |
| 2026-05-01 | 34.98% |
| 2026-01-30 | 34.45% |
| 2025-10-31 | 37.06% |
| 2025-08-01 | 33.74% |
| 2025-05-02 | 38.60% |
| 2025-01-31 | 33.33% |
| 2024-11-01 | 32.57% |
| 2024-08-02 | 33.46% |
| 2024-05-03 | 30.38% |
| 2024-01-31 | 40.98% |
| 2023-11-03 | 47.07% |
| 2023-08-04 | 38.66% |
| 2023-05-05 | 42.14% |
| 2023-01-31 | 35.06% |
| 2022-10-28 | 30.85% |
| 2022-07-29 | 28.93% |
| 2022-04-29 | 30.32% |
| 2022-01-31 | 24.02% |
| 2021-10-29 | 27.45% |
| 2021-07-30 | 40.58% |
| 2021-04-30 | 18.81% |
| 2021-01-31 | 18.41% |
| 2020-10-30 | 16.85% |
| 2020-07-31 | 15.62% |
| 2020-05-01 | 33.05% |
| 2020-01-31 | 57.54% |
| 2019-11-01 | 70.28% |
| 2019-08-02 | 54.52% |
| 2019-05-03 | 40.04% |
| 2019-01-31 | 28.99% |
| 2018-11-02 | 26.54% |
| 2018-08-03 | 29.71% |
| 2018-05-04 | 32.66% |
| 2018-01-31 | 32.67% |
| 2017-11-03 | 27.32% |
| 2017-08-04 | 24.81% |
| 2017-05-05 | 25.82% |
| 2017-01-31 | 25.19% |
| 2016-10-28 | 24.73% |
| 2016-07-29 | 24.76% |
| 2016-04-29 | 22.74% |
| 2016-01-31 | 26.68% |
| 2015-10-30 | 25.31% |
| 2015-07-31 | 21.76% |
| 2015-05-01 | 19.09% |
| 2015-01-31 | 20.30% |
| 2014-10-31 | 19.58% |
| 2014-08-01 | 20.11% |
| 2014-05-02 | 23.34% |
| 2014-01-31 | 23.12% |
| 2013-11-01 | 22.32% |
| 2013-08-02 | 21.33% |
| 2013-05-03 | 31.94% |
| 2013-01-31 | 27.60% |
| 2012-11-02 | 28.58% |
| 2012-08-03 | 31.77% |
| 2012-05-04 | 26.46% |
| 2012-01-31 | 25.67% |
| 2011-10-28 | 26.74% |
| 2011-07-29 | 21.07% |
| 2011-04-29 | 27.02% |
| 2011-01-31 | 22.63% |
| 2010-10-29 | 19.69% |
| 2010-07-30 | 22.70% |
| 2010-04-30 | 13.49% |
| 2010-01-31 | 17.34% |
| 2009-10-30 | 25.93% |
| 2009-07-31 | 39.02% |
| 2009-05-01 | 55.80% |
| 2009-01-31 | 57.36% |
| 2008-10-31 | 37.57% |
| 2008-08-01 | 39.50% |
| 2008-05-02 | 73.67% |
| 2008-01-31 | 127.00% |
| 2007-11-02 | 71.85% |
| 2007-08-03 | 37.69% |
| 2007-05-04 | 47.50% |
| 2007-01-31 | 47.10% |
| 2006-11-03 | 82.27% |
| 2006-08-04 | 33.38% |
| 2006-05-05 | 14.75% |
| 2006-01-31 | 36.93% |
| 2005-10-28 | 13.09% |
| 2005-07-29 | 23.93% |
| 2005-04-29 | 232.08% |
| 2005-01-31 | 95.87% |
| 2004-10-29 | 29.27% |
| 2004-07-30 | 23.17% |
| 2004-04-30 | 12.93% |
| 2004-01-31 | 12.13% |
| 2003-10-31 | 81.94% |
| 2003-08-01 | 25.88% |
